Economics Curriculum

Major

111, 112, 268, 278, 288, three other economics electives, and a senior economics seminar are required for the major. At least two of the economics electives must be at the 300-level or above. In addition, majors are required to complete a calculus course (MATH 170) and a statistics course (MATH 121 or MATH 225 or INBM 220 [for INBM majors only]). INBM 220, Managerial Economics, can be used as a 200-level elective for both the major and minor in Economics. INBM 200, Global Economy, can only be used as a 200-level elective for the minor.

Minor

Six economics courses including 111 and 112 and four other economics electives at the 200-level or above. INBM 200 and INBM 220 both count towards the minor

Suggested curricular flow through the major

The following curricular guidelines will help you pace your progress through the major. While no specific course must be taken in any given semester, the vertical structure of the program requires that you successfully complete prerequisites for admission to intermediate and higher level classes in a timely manner. Do not delay fulfilling your mathematics and intermediate level requirements for the major. The statistics requirement and prerequisite for economics 268 can be met by taking MATH 121 (Elementary Statistics), MATH 225 (Probability and Statistics I; for math majors or minors), or INBM 220 (Managerial Decision Making; for INBM majors only). MATH 170 (Single Variable Calculus) or a more advanced calculus class is required for ECON 268 and ECON 278. ECON 268 and ECON 278 are prerequisites for upper level electives and the senior seminar. You need at least three economics electives to complete the major; at least two of these must be at the 300 level, having one or more intermediate prerequisites.

Three electives are required for the major. Two electives must be at the 300 level or above.

Senior Seminar (Spring Senior Year):
ECON 496

Note: Please allow enough flexibility in your schedule if you are planning on studying abroad. In addition, make sure you discuss your plans with your faculty advisor well in advance.

Independent study and independent research

Each faculty member has special fields of study and will usually be available for advice in that area. No more than two independent study or tutorial study enrollments may be counted toward the major and they must conform to the appropriate level within the major.

Honors

Any student with a 3.50 overall grade point average may undertake a two-course independent research project and oral defense of the research project. Honors in the major will be awarded if the two courses are over and above the nine required courses, if a grade of A or A- is earned on the project, and if the departmental oral examination on the project is successfully completed. For detailed information, go to the department web site.

Courses

111 Introduction to MicroeconomicsA study of the fundamentals of economic analysis and of basic economic institutions, with particular emphasis upon consumer demand and upon the output and pricing decisions of business firms. The implications of actions taken by these decision-makers, operating within various market structures, upon the allocation of resources and the distribution of income are examined. Special attention is given to the sociopolitical environment within which economic decisions are made.Attributes: Appropriate for First-Year, ES Discip Specializations Crs, Quantitative Reasoning, Social Sciences

112 Introduction to MacroeconomicsA study of the fundamentals of economic analysis and of basic economic institutions, with particular emphasis upon national output, employment, and price levels. The monetary and financial system is explored together with problems of economic stability. Monetary and fiscal policy procedures are analyzed and evaluated in light of the current economic climate. Special attention is given to the historical development of major economic institutions.Prerequisite: 111.Attributes: Appropriate for First-Year, ES Discip Specializations Crs, Quantitative Reasoning

214 Special TopicsAn economic topic requiring some exposure to introductory economic concepts. Past topics have included Middle Eastern Economies, Feminist Economics, Network Industries, and the Economic Analysis of Policy. Specific topics will be described in each semester’s registration materials. Prerequisites: 111 and/or 112 depending upon the topic.Attributes: Social Sciences

222 Environmental EconomicsA study of human production and consumption activities as they affect the natural and human environmental systems and as they are affected by those systems. The economic behavioral patterns associated with the market economy are scrutinized in order to reveal the biases in the decision-making process which may contribute to the deterioration of the resource base and of the quality of life in general. External costs and benefits, technological impacts, limits to economic growth, and issues of income and wealth distribution are examined. A range of potential policy measures, some consistent with our life style and some not, are evaluated. Prerequisite: 111.Attributes: ES Society & Environment Crs, INST Globaliz & Sustain Course, LAWP Policy Elective, PMGT Private Sector Policy, SINE Elective

223 Introduction to Marxian Economics: The Political Economy of Social JusticeThis course introduces students to the practice of Political Economy, which engages in a critical examination of the economic and social underpinnings of a capitalist society and their political and cultural effects. The course will analyze the U.S. economy within a global context and examine such issues as the social relations of production and distribution, markets, the labor process, cycles of growth and accumulation, and economic crises. Attention will be given to asymmetries of power and influence in government, media, and other institutions that shape American culture. Questions of the sustainability of capitalism and the viability of alternatives that could improve social and economic justice will be discussed. Prerequisite: 111.Attributes: ES Discip Specializations Crs, LAWP Policy Elective, PMGT Private Sector Policy, SINE Elective

228 Economic Analysis of PolicyThis course introduces the basic economic techniques used in the analysis of public policy and applies these techniques to a variety of social problems and policies. The economic techniques taught include the analysis of market failure, benefit-cost analysis, and economic impact analysis. Applied topics vary, but are likely to include education and job training, public assistance, transportation policy, and environmental protection. Prerequisite: 111 or permission of the instructor. Attributes: ES Discip Specializations Crs, Quantitative Reasoning, Social Sciences

236 Issues in Developing EconomicsThe goal of this course is to survey the economic history, issues and institutions of less developed countries generally or in a specific region. Among the topics which may be covered are colonial heritage, industrialization strategies, agricultural reforms, financial issues and policies, attempts at regional integration, and efforts to revise the role of the state.Prerequisites: 111/112, or permission of the instructor. Attributes: ES Discip Specializations Crs, INST Latin America Course, LAWP Policy Elective, Lat Am, Latino, Carib St Elect, PMGT International Policy, Portuguese & Brazilian Studies

247 Money and BankingA study of the role of money and credit in the U.S. economy. The nature of money, the structure of the banking system in the context of a rapidly changing financial institutional environment, and the Federal Reserve System are examined. Various theories of money as guides to monetary policy are compared and contrasted. Neoclassical approaches will predominate, although some alternative approaches will be explored.Prerequisite: 112.

268 Intermediate Macroeconomic TheoryNeoclassical theories of economic behavior in the aggregate. Models will be used as a framework for analyzing the determination of the level of national output and for explaining fluctuations in employment, the price level, interest rates, productivity, and the rate of economic growth. Policy proposals will be appraised.Prerequisite: 111 and 112; MATH 170.Attributes: Social Sciences

278 Intermediate Microeconomic TheoryNeoclassical theory of relative prices of commodities and productive services under perfect and imperfect competition. The role of prices in the allocation and distribution of resources and commodities. Economic behavior of individual economic units like consumers, firms, and resource owners.Prerequisite: 111 and MATH 170.Attributes: Social Sciences

314 Advanced Special TopicsPrerequisites: One or more of the core intermediate theory courses (268, 278, 288) depending on the topic.Attributes: Social Sciences

332 Economics of Natural ResourcesThis course uses microeconomics to analyze the use and conservation of natural resources, including energy, minerals, fisheries, forests, and water resources, among others. Broad themes include the roles of property rights, intergenerational equity, and sustainable development in an economy based on resource exploitation.Prerequisite: 278. For ENST, ENSC and INST majors, prerequisite is ECON 222.Attributes: ES Society & Environment Crs, INST Globaliz & Sustain Course, SINE Elective

344 Public FinanceTheoretical analysis of the interaction of the public and private sectors emphasizing problems of allocation and distribution. Topics include economic rationales for government, public expenditure theory, redistribution of income, collective decision making, and taxation. Neoclassical approaches predominate; however, some alternative approaches will be explored.Prerequisite: 278 or permission of the instructor.

348 International EconomicsAn analysis of the determinants of international trade patterns, the causes and consequences of public policies to control trade, the operation of the international monetary system, and its effect on national economies. In addition, rich and poor country relationships, theories of imperialism, and the emerging role of multinational corporations are considered. While the neoclassical approach dominates, alternative paradigms will be explored.Prerequisite: 268 and 278.Attributes: INST Globaliz & Sustain Course

349 Development EconomicsIntroduction to the economics of less developed countries, covering their growth potential, international trade, human resources, urbanization, agriculture, income distribution, political economy, and environment. Both mainstream and heterodox approaches may be explored. Prerequisites: 268 and 288.Attributes: INST Globaliz & Sustain Course

350 Industrial Organization and Public PolicyA study of the relationships between market structure, conduct, and economic performance in U.S. industry. Emphasis will be on the manufacturing sector and specific industries will be examined. A brief introduction to antitrust and regulation is also covered. Debate within the main stream is examined.Prerequisite: 278.

353 The Economics of LaborAn analysis of labor market issues and policies. Topics covered include discrimination, anti-discrimination policy, the minimum wage, health and safety policy, and other labor market policies and institutions. While the neoclassical approach dominates, other approaches will be explored.Prerequisite: 278 or permission of the instructor.

371 Economic HistoryKey events in economic history, such as the Industrial Revolution and the Great Depression, will be explored in terms of their main causes, effects, policy implications, and lessons for the modern world. Specific topics will vary, but the emphasis is on issues in 19th and 20th century British and U.S. economic history. This course may be taught as a standard or Writing Intensive elective. Prerequisites: 268, 278 and 288.

373 History of Economic ThoughtThis course provides an appraisal of the origins and evolution of selected economic theories, primarily through the works of great economists of the past. Past economic works are analyzed in their theoretical and historical context. Prerequisites: 268, 278 and 288.

374 EconometricsThis course is a rigorous introduction to econometrics in which the tools of economic theory, mathematics, and statistical inference are applied to the analysis of economic data. We will study and apply multiple regression analysis to both cross-sectional and longitudinal (panel) data in order to familiarize students with the concepts of econometric modeling, estimation, prediction, and hypothesis testing. Students will conduct empirical research projects using Stata, or other statistical analysis software widely used in economics, to enable students to understand and apply the conventions of empirical research in economics, including: technical writing, reviewing existing literature, data collection and organization, and file management for complete transparency and reproducibility. Prerequisites: 268 or 278, and one college statistics course (MATH 121 or 225).Attributes: Writing in the Discipline

375 Mathematical EconomicsSelected topic, to be announced prior to registration, in theoretical or applied economics, using mathematical or statistical techniques.Prerequisites: 268 and/or 278 plus MATH 170 or permission of the instructor.

496 Economics SeminarA reading, research, and conference course on a selected economics topic. Student seminar choices must be approved by the department.Prerequisite: 268, 278, and 288 and permission of the instructor.